Brazilian Q3 Earnings Split as Commodity Tailwinds Meet One-Off Accounting Hits

Overview

• Axia Energia posted a R$ 5.45 billion net loss after a non‑cash R$ 7.2 billion charge tied to the Eletronuclear sale, reported adjusted profit of R$ 2.18 billion, and approved R$ 4.3 billion in interim dividends.
• CSN Mineração’s net income rose 56% to R$ 696 million on record shipments and iron‑ore prices above US$100 per ton, while CSN reversed a prior loss with a R$ 76 million profit on stronger mining, cement and logistics operations.
• GPA swung to a R$ 133 million profit, largely from recognizing R$ 418 million in tax credits enabled by recent federal rules, as net revenue edged up about 1% and leverage increased.
• Retail results were uneven as C&A’s profit climbed 62% to R$ 69.5 million with margin gains and lower leverage, Guararapes’ profit advanced 63% to R$ 74 million, Petz more than doubled profit to R$ 33.4 million, and Quero‑Quero deepened its loss to R$ 42.1 million.
• In energy, Engie reported adjusted net income of R$ 731 million, up 9.8% with higher volumes, Brava’s profit fell 76% to R$ 120.7 million on financial effects despite record output, and Prio’s net income declined with differing figures published across outlets.